Arsifa Deliyana

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Week 1 Technopreneurship

What is Entrepreneurship?

  • The concept of entrepreneurship was first established in the 1700s
  • Starting one’s own business
  • One who is willing to bear the risk of a new venture if there is a significant chance for profit
  • An innovator who markets his innovation
  • Entrepreneurs develop new goods of processes that the market demands and are not currently being supplied
  • Economist Joseph Schumpeter (1883 – 1950) viewed entrepreneurship as a force of “creative destruction”
  • The entrepreneur carries out “new combinations” thereby helping render old industries obsolete
  • Established ways of doing business are destroyed by the creation of new and better ways to do them
  • Peter Drucker (1909 – 2005) – the entrepreneur is someone who actually searches for change, responds to it, and exploit change as an opportunity
  • Changes in communications – from typewriters to personal computers to the internet – illustrates these ideas
  • Entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies
  • In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction
  • Government support for entrepreneurship is a crucial strategy for economic development
  • Small businesses represent 99.7% of all employer firms (U:S. Small Business Administration (SBA)).
  • Since 1996, small businesses have generated 64% of new jobs
  • “Policies to foster entrepreneurship are essential to job creation and economic growth.” (Business and Industry Advisory Committees to the Organization for Economic Cooperation and Development (OECD), 2003)
  • Laws to en-force property fights and to encourage a competitive market system
  • Culture’s influence on entrepreneurship

What Makes Someone an Entrepreneur?

  • Who can become an entrepreneur?
  • Most successful entrepreneurs share certain personal attributes including creativity, dedication, determination, flexibility, leadership, passion, and confidence.
  • Creativity – the spark that drives the development of new products or services or ways to do business
  • Push for innovation and improvement
  • Continuous learning, questioning, and thinking “outside the box.”
  • Dedication – motivates the entrepreneur to work hard (long hours, especially at the beginning)
  • Planning and ideas must be joined by hard work
  • Dedication makes it happen
  • Determination – the extremely strong desire to achieve success
  • Persistence
  • Bounce back after failure
  • Money is not the motivation
  • Success is the motivator, money is the reward
  • Flexibility – the ability to move quickly in response to charging market needs
  • Being true in dream, being mindful of market realities
  • Adapt to market changes and needs
  • Leadership – the ability to create rules and to set goals
  • capacity to follow through to see that the rules are followed and goals are accomplished
  • Lead by examples (don’t expect others to do what you are not willing to do)
  • Passion – what gets entrepreneurs started and keeps them there
  • The ability to convince others to believe in their vision
  • Not a substitute for planning
  • Stay focused
  • Self Confidence – through planning which reduces uncertainty and the level of risk
  • Comes from expertise
  • Gives the ability to listen without being easily swayed or intimidated
  • Smart – common sense joined with knowledge or experience in a related business or endeavor
  • Common sense = good instinct
  • Knowledge = expertise
  • Organizational and financial skills
  • Employment and with it economic growth?

Things to Think

  1. What do you think machine that can easier your life?
  2. Why and how do people become entrepreneurs?
  3. Why is entrepreneurship beneficial to an economy?
  4. How can governments encourage entrepreneurship?
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